Judge Snuffs Wells Fargo Investor Suit Over $7B ARS Deal

Law360, Wilmington (November 19, 2012, 9:58 PM EST) -- A Delaware federal judge on Monday tossed an investor class action challenging Wells Fargo Securities LLC's $7 billion settlement over the auction rate securities market’s collapse, adopting a recommendation issued by a magistrate judge last month.

U.S. District Judge Sue L. Robinson issued an order dismissing the case after no objections were filed to the magistrate judge’s report, which found that the suit, brought by two clients of Wachovia’s trust unit, could not be altered to survive under federal law. 

On Oct. 22, Magistrate Judge Sherry...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.